South African software development house Derivco is in the final stages of liquidating its Australian business.
South African software development company Derivco is in the final stages of liquidating its Australian business as part of its larger corporate restructuring, MyBroadband has learned.
Derivco did not respond to a request for comment, but the Australian liquidator, Stephen Earel from restructuring firm Cor Cordis, explained the business was not insolvent.
“The winding up of Derivco is a solvent winding as part of a broader corporate simplification strategy,” Earel told MyBroadband.
The liquidation of Derivco Australia follows several rounds of retrenchments across the group, affecting employees worldwide, especially in South Africa.
In August 2024, the company sent retrenchment notices to over 500 of its employees worldwide, saying it hoped to contain the job cuts to fewer than 300 people.
At the time, Derivco said it employed 1,124 people in South Africa, with former CEO Quraish Behari saying up to 38 positions would be impacted.
Within a year, in June 2025, Derivco had a second round of layoffs. Staff told MyBroadband they were offered voluntary retrenchment packages with 24-hour notice.
Derivco confirmed it had begun another wave of layoffs but did not answer questions about how many people were affected or how much time they were given to consider the offer.
“Derivco confirms it has initiated a process to restructure its business operations as part of a broader effort to streamline its activities globally,” a spokesperson told MyBroadband.
“This necessary step is being taken in response to ongoing shifts in the technology landscape, and to ensure our business remains agile, efficient, and positioned for long-term success.”
On 22 December 2025, Derivco gave notice that its Australian entity would be wound up, with Stephen Earel appointed as liquidator.
Nine months later, on 17 August 2026, Earel announced that any creditors who had not already proved their debts or claims had until 13 September 2026 to do so.
That same day, Earel gave notice that he would declare a first and final dividend in the liquidation of the company on 20 September 2026.
However, in response to questions from MyBroadband, Earel explained that these notices were a formality, as Derivco’s winding-up was not an insolvency matter.
“As the company is solvent, there aren’t any unpaid creditors, and the advertising of the dividend is part of the process required before the company’s funds are distributed back to its shareholders.”
Quraish Behari, former Derivco CEO
Derivco announced at the end of February 2025 that its CEO, Quraish Behari, would step down to lead a new venture focused on driving innovation in the online gambling and technology industries.
Gambling is Derivco’s bread and butter. Founded in Durban in 1996, Derivco evolved into a prominent global technology and software development company focused on interactive gambling.
Behari was with Derivco for 20 years and served in various leadership roles. Derivco said he guided the company through a significant transformation over his seven-year tenure as chief executive.
“For over 30 years, Derivco has been at the forefront of gaming technology, continually evolving to meet the industry’s rapid advancements,” Behari said.
“Change is part of our DNA, and we thrive on adapting to new challenges. With the ever-evolving nature of gaming, there is no one better suited to lead Derivco into this next chapter than Andrew.”
Andrew Slabbert succeeded Behari as managing executive of Derivco. The two had worked together for 16 years, and Behari said Slabbert was a seasoned leader with a strong iGaming background.
Following the February 2025 announcement, Behari updated his LinkedIn profile to indicate that he was a director of Derivco Holdings.
Derivco Holdings is the new name of Marown Holdings, a holding company for a multinational group spanning the US, the UK, the Isle of Man, Sweden, Spain, Malta, Australia, and South Africa.
The companies all offer software development services for the gambling and sports betting industry.
“At the heart of Marown Holdings Limited is its people, employing the brightest minds in technological innovation,” the company’s previous profile stated.
